Total bankruptcy filings in the United States decreased 12 percent in May over last year, according to data provided by Epiq Systems, Inc. Bankruptcy filings totaled 96,430 in May 2013, down from the May 2012 total of 109,538. Consumer filings declined 11 percent to 92,413 from the May 2012 consumer filing total of 104,197.
Total commercial filings in May 2013 decreased to 4,017, representing a 25 percent decline from the 5,341 business filings recorded in May 2012. Total commercial chapter 11 filings also decreased 25 percent to 537 filings in May 2013 from the 716 commercial chapter 11 filings in May 2012.
“Sustained low interest rates, tighter lending standards and decreased consumer spending are assisting consumers and companies to shore up their balance sheets,” said ABI Executive Director Samuel J. Gerdano. “As households and businesses remain committed to deleveraging, the number of filings will continue to decrease.”
Total bankruptcy filings for the month of May decreased 4 percent compared to the 100,732 total filings in April 2013. Total noncommercial filings in May decreased 4 percent from the April 2013 noncommercial filing total of 96,350. Commercial filings decreased 8 percent in May from the April commercial filing total of 4,382. May commercial chapter 11 filings decreased 24 percent when compared to the 704 filings recorded the previous month.
The average nationwide per capita bankruptcy filing rate through May increased to 3.57 (total filings per 1,000 per population) from the 3.52 rate registered through the first four months of the year. Average total filings per day in May were 3,111, a 12 percent decrease from the 3,534 total daily filings in May 2012. States with the highest per capita filing rate (total filings per 1,000 population) in May 2013 were:
- Tennessee (6.76)
- Georgia (5.85)
- Alabama (5.75)
- Illinois (5.56)
- Utah (5.44)
ABI has partnered with Epiq Systems, Inc. in order to provide the most current bankruptcy filing data for analysts, researchers and members of the news media. Epiq Systems is a leading provider of managed technology for the global legal profession.